Sometimes, closing a real estate purchase can seem to take forever. It feels like a lot of hurry up and wait, to hurry up and wait. You may think you're prepared, but typically there are things you haven't though of yet. Below are a few tips to be better prepared for closing, and therefore get into your new home sooner.
Whether it's your first purchase or your twentieth, you will have questions. That's what I'm here for! Ask questions as soon as they come to mind, because in this real estate market, homes sell quickly. If possible, have a list of questions on hand when viewing properties, so you know as soon as possible if the home is or isn't the right one for you. Delaying in making decisions could mean that you lose a home, and no one wants that to happen. Being prepared with the questions you need answered could be the deciding factor for you that gets your offer in quickly.
Time on the Market
If you're in a hurry to buy, let me know. Viewing listings that have been on the market for longer than others may help speed up the process. These sellers are often more motivated as they possibly have already purchased a new home and are floating two mortgages, or they have relocated for a new job.
You already know you need to be pre-qualified before beginning your home search. However, to move things along quicker you can opt to go one step further and get pre-approved. I know, it doesn't sound like there's a difference, but receiving a pre-approval will knock out several underwriting concerns in the beginning, making the actual approval go quicker and smoother than just having a pre-qualification, which does not really dive into your information.
Have a Firm Wish List--But Not Too Firm
One way to find the home you're looking for quickly is to weed out those that do not meet your needs. Have a list of must haves and only view homes that meet your criteria. However, you do need to make sure that your wish-list is attainable in the area and price range you're searching, otherwise we will probably come up empty handed. Also, you must be willing to re-evaluate your list, as you most likely will have to. If your list does not produce a solid home, let's talk about what you could possible alter to get better results in our search. Maybe expand to other areas, maybe you have the ability to alter your price range, maybe you can bend a bit on the size of the lot. Removing or altering one point on your list could make a huge difference in the potential properties.
Have Your Documentation Ready
Underwriting requires lots of documentation. Proof of income, bank statements, explanations of any unaccounted for funds, W-2s or 1099s, a list of your debts and assets, anything you can possibly come up with. Having these documents readily available will save time later. Gather more than you think you could possibly need just to be ready. With this information handy, you can quickly provide the underwriters with what they need, eliminating down time.
Comment below if you have any addditional experiences that could benefit others, or if you have any questions!
I am a local REALTOR in Villa Rica, Georgia. I have 5 children, a wonderful husband, and three dogs. Yes, we certainly have a houseful. I love Real Estate, I love the clients I work with, the people I meet, and most of all matching clients with their perfect home.